Regulation and Compliance
Coming Up:
CFPB Bans RMK Financial From The Mortgage Business
Cites repeat offenses in misleading military borrowers; also fines company $1M.
GSEs Now Champion Fair And Equitable Housing
FHFA provided framework for projects with green improvements to satisfy mission-driven criteria
Mortgage Banker
FHA To Cut Mortgage Insurance Premium By 30bps
White House announces reduction; will take effect on March 20.
SEC Looking Into Wells Fargo Communications
Regulators have been cracking down on retention of employee messages
Ex-Employee Sues CrossCountry For Unpaid OT
The lawsuit says the company wrongly classified him as being ineligible for overtime.
Illinois Suspends LO License Of Ex-Sprout CEO Michael Strauss
Has formed new company called Smart Rate Mortgage, based in Florida.
CFPB: Some Mortgage Comparison Sites May Illegally Manipulate Results
Issues guidance warning that steering shoppers for kickbacks or fees is against the law.
MBA Seeks Meeting With FHFA Over New GSE Pricing Framework
Sends letter to agency director raising concerns about changes, including LLPAs based on debt-to income ratios.
Major Changes To Consumer Data Privacy Regulation In 2023
California and Virginia have new comprehensive laws; other states could soon follow
Mortgage Banker
Fed Slows Rate Hike Pace, OK’s 0.25% Bump
Rate hike is 8th since March 2022.